HABA FAMILYGROUP has emerged from its insolvency proceedings after a restructuring that included a workforce reduction of over 600 employees, the company announced. The German company, parent of U.S. game and toy division Haba U.S.A., exited the insolvency proceedings under self-administration on February 29, 2024.
HABA entered the proceedings last September (see “HABA FAMILYGROUP Files Self-Administration Proceedings“), and announced the layoffs a few weeks later (see “HABA FAMILYGROUP Laying Off 600+“).
The strategy for HABA in the future is focused on high-quality toys and games aimed at children’s development, the company said in its announcement. A steering committee to advise management and an external restricting expert will supplement management going forward.
“Over the past few months, we have worked intensively on a clear brand positioning, viable cost structures and a sustainable internal and external positioning of the company,” restructuring expert Martin Mucha of the law firm Grub Brugger said in a statement accompanying the announcement. “We have succeeded in setting the course for a successful future for HABA FAMILYGROUP so that the company can continue its 85-year tradition.”
Source: ICV2
